Dealbook's Andrew
Ross Sorkin called a few people on Wall
Street after Eric Holder took the stage and said "Operation
Broken Trust" sent a message
to anyone operating or attempting to operate an investment
scam.

Turns out Holder's warning, "We
will use every tool at our disposal to find you, to stop you, and
to bring you to justice. Cheating investors out of their earnings
and savings is no longer a safe business plan," didn't
reach anyone notable.

Embarrassing. Instead of trying to catch the big guys, the Fed is
going after little minnows. Sorkin diplomatically says it's
inexplicable. But it's got to be because they don't know how. The
SEC practically shot its load when it charged Goldman. The
government has got to be dying for more big cases.

Sorkin continues:

But fraud at big corporations surely dwarfs by orders of
magnitude the shareholders’ losses of $8 billion that Mr. Holder
highlighted. If the government spent half the time trying to
ferret out fraud at major companies that it does tracking
pump-and-dump schemes, we might have been able to stop the
financial crisis, or at least we’d have a fighting chance at
stopping the next one.

So by wasting its time with the little guys, says Sorkin, the Fed
could be setting us up for another financial crisis. Great.